Switching energy supplier every year can lower your office costs. Here’s a guide to efficient energy management.
Thu Feb 6 2020
Switching energy supplier
In Ireland you can pick and choose from a range of energy suppliers. The most savvy business owners keep the price they pay for electricity and gas as low as possible every year. All you need to do is take the time to compare offers from the different electricity and gas suppliers.
If you feel like it’s time to see if there are better energy prices out there, but don’t know where to start, the good news is the process is quick and easy. It can be done in a few simple steps and your office won’t be without power at any stage.
Let’s explain the process of switching energy supplier:
1 – Exit strategy
We always recommend you check with your current supplier to see if you are in or out of contract with them before you start comparing energy prices.
If you are still in contract, make a note of your contract end-date. After this date you will be free of obligation to that supplier and able to switch to a new one. Breaking contract and switching before your contract is up will result in you having to pay an exit fee. In some cases, this option is still the most cost-effective.
If you are out of contract, you will now be paying a much higher rate than was agreed when you initially signed up with this supplier. If this is the case, we suggest switching as soon as possible.
2 – Check your rate and usage
The next step is to get a copy of your latest bill (if you have an online account set up, you can find it there) and check how much you are currently paying.
Depending on where you are, the charges shown on your bill may include:
- Unit rate– this is one of the most important figures on your bill. The rate you pay is measured in kilowatt-hour. This is the figure that shows how much you pay so it’s important to know how much your supplier is charging per unit. If you have a higher rate than a business using the same amount of energy as you, your bills will be higher.
- Standing Charge- this is a fixed daily charge that you will have to pay regardless of how much electricity you use. It will vary depending on your supplier. It is the charge that covers the cost of providing you with electricity, service and meters.
- PSO Levy – This is the Public Service Obligation Levy, which is a government charge that covers the cost of providing sustainable & renewable energy in Ireland. You can read more about the PSO Levy here.
3- Compare the whole plan
The best plan will be unique for every business. Getting the best deal on energy isn’t just a case of finding the lowest rates. Be sure to look at the big picture, including –
- Fees and charges – Are there any fixed costs or service fees? Is there a fee for exiting the contract?
- Discounts and benefits – Are you eligible for any special introductory offers? Are there discounts for paying via direct debit?
- Billing cycles and options – Will your bills arrive monthly, bi-monthly or quarterly?
- How long is your contract? – Are you locked in, or free to exit at any time?
4 – Make the switch
When you’ve compared all the offers and found the best one for your business, the rest is easy – simply contact the new supplier and give them your details, or have a professional service take care of the entire process on your behalf.
As with any industry, knowledge pays dividends. An energy-broker can help you find the best rates and help you to compare and understand the many deals on offer. As experts in the Irish energy landscape, Energybroker have been leveraging their knowledge to help some well-known brokers lower bills.
EnergyBroker Case Study –Lyons Insurance & Investment Brokers
Evolving energy renewal strategies with EnergyBroker to lower bills and improve profitability.
Client – Lyons Insurance &Investment Brokers
“EnergyBroker took the renewal process off our hands, saving us time and money. Easy to deal with.”
- Mary Lyons, Manager, Lyons Insurance & Investment Brokers
Objectives – To get a better renewal rate from current energy supplier.
Insights – Energy suppliers can offer a renewal rate that may not necessarily be the best one for your business. Considerations like meter type and consumption are important steps in the contract renewal process.
What we did – Mary Lyons came to us with their office in Castleisland, Co Kerry. They were in contract with their supplier, but on a rate that was not suitable to their meter type. They received an offer for renewal on this rate but EnergyBroker were able to go to the market and find a more suitable and lower rate. Lowering their bills by 10%
After placing Castleisland office, mary sent us in the bills for their other business, J C Daly & Co in Abbeyfeale, Limerick. As with Castleisland, this was on a fully fixed rate which was also not suitable for the type of meter they had. EnergyBroker switched them to a fixed energy rate, lowering bills by approx 6%.
Services we provide –
- Finding the best kWh renewal rate
- MIC Checking that capacity is sized correctly on both LVMD electricity and FVT gas sites
- Resolve all billing and meter issues
- Contract end date confirmation